Analysis of the Reasons and Sustainability Behind the Strong Performance of Huidie Co., Ltd. (002763.SZ)

The strong performance of Huidie Co., Ltd. (002763.SZ) is driven by multiple factors. At the industry level, international underwear giant Triumph plans to withdraw from the Chinese market by the end of 2025. Under the expectation of industry consolidation, local leading brands (such as Manifen under Huidie) are expected to benefit [1]. Technically, the stock broke through the 5-day moving average on December 25 [2], hit the daily limit on December 26 and touched a 52-week high of 8.68 yuan, attracting the attention of short-term momentum traders [3][4]. In terms of trading volume, the volume on the daily limit day was 5.31 million shares, basically flat with the average volume of 52,900 shares, indicating relatively stable upward momentum [0].

Fundamentally, the company has stable liquidity with a current ratio of 3.76 and a quick ratio of 2.21, showing strong short-term solvency [0]. However, profitability indicators are poor: a price-to-earnings ratio of 45.48 times (higher than the industry average), a return on equity of 4.02%, and a net profit margin of only 2.61% [0]. Recently, the company announced the termination of understance brand operations and plans for share repurchase, which may help optimize the business structure, but the short-term performance impact needs to be observed.

1. Phased release of industry consolidation dividends
   : The market gap brought by Triumph’s withdrawal provides opportunities for local brands, but whether Huidie Co., Ltd. can continue to expand market share depends on brand competitiveness and channel layout, rather than a single event-driven factor.
2. Divergence between technical momentum and fundamentals
   : The short-term technical side shows a strong upward trend (standing above the 20-day moving average with a deviation rate of 10.04%), but high valuation and low profitability form a divergence, which may limit long-term gains.
3. Game between shareholder behavior and market sentiment
   : Shareholder reduction in December (Lin Shengzhi reduced holdings by 6.0946 million shares, accounting for 1.4868%) [1] may suppress market sentiment, while stable trading volume indicates that some investors still favor the short-term trend.

1. High valuation risk
   : A 45.48x price-to-earnings ratio is significantly higher than the industry average, leading to greater valuation correction pressure [0].
2. Uncertainty in profit improvement
   : Low net profit margin and ROE, and the effect of business optimization needs to be verified.
3. Intensified industry competition
   : Although leading brands benefit from consolidation, competitive pressure from emerging online brands persists [1].
4. Impact of shareholder reduction
   : Recent shareholder reductions may weaken market confidence.

1. Market share expansion space from industry consolidation
   : Local brands are expected to take over market demand after Triumph’s withdrawal [1].
2. Momentum continuation after technical breakthrough
   : If it effectively breaks through the 52-week high of 8.68 yuan, it may attract more investor attention.
3. Long-term potential of business optimization
   : Terminating weak brand operations and share repurchase plans may improve the company’s operational efficiency.

• Stock code: 002763.SZ
• Recent performance: Daily limit on December 26, 2025, 5-day gain of 21.91%, touching a 52-week high of 8.68 yuan [0][3][4].
• Main supports: Industry consolidation opportunities, technical breakthroughs, stable liquidity [1][2][0].
• Key price levels: Resistance at 8.68 yuan (52-week high), support at 7.37 yuan (20-day moving average) [0].
• Notes: Risk factors such as high valuation, low profitability, and shareholder reduction may affect sustainability [0][1].